Today, billionaire investor Carl Icahn said bitcoin and other cryptocurrencies are “ridiculous.” During an interview with CNBC, Icahn said, “I don’t like the cryptocurrencies only because, maybe I don’t understand them. How do you regulate them? He added, “Maybe I’m too old for them. I wouldn’t touch that stuff.”
Last month, legendary investor Warren Buffet also offered a bleak prediction regarding the future of bitcoin. He believes that bitcoin and other cryptocurrencies “will come to a bad ending.”
Over the past several weeks, investors have been selling their stakes in bitcoin and other cryptocurrencies. Governments around the world have been implementing stricter regulations or clamping down on cryptocurrency trading. Banks prohibited the use of credit cards to buy cryptocurrencies to avoid risks.
Yesterday, reports indicated that China completely banned all cryptocurrency trading or initial coin offerings (ICOs) to prevent financial risks. The People’s Bank of China (PBoC) stated that cryptocurrencies are prone to fraud and pyramid selling.
Congressional hearing on cryptocurrency and ICOs
Today, the U.S. Senate Committee on Banking, Housing and Urban Affairs is conducting a hearing regarding the cryptocurrency and ICO markets. The heads of the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) are testifying during the hearing.
